Digital artists can use NFTs to sell original artwork

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 04, 2021, 12:35 PM GMT+0

Any digital file across games, sports, fashion, music, and charity can be converted into a non-fungible token (NFT).

NFTs are a unique type of cryptocurrency assigned to a digital art piece, to allow its artists and owners to buy and sell the art across the internet. Because only one NFT of each artwork is sold, and through blockchain, the true ownership of the artwork is now trackable.

This helps artists track the usage of their art pieces across the internet after they sell them. As digital art is easily copied, the usage of blockchain ensures a secure and effective proof of ownership in NFTs.

In the first half of 2021, NFTs generated $2.5 billion in sales. Converting a piece of original art into an NFT provides the original artists with a percentage of all future sales from the art.

Read the original article

[1 minute read]

Explore more data & articles